The Securities and Exchange Commission released information on a case against Marc Wexler and Matthew Bell in January 2023. The case, titled Securities and Exchange Commission v. DiScala et al. was filed on 17 July 2014 in the U.S. District Court for the Eastern District of New York and then amended on 19 January 2016.
On December 22, 2022 the U.S. District Court of the Eastern District of New York handed down separate judgments against Wexler Bell. They were prohibited from violating certain provisions of federal securities laws.
In its complaint, the SEC alleged Wexler, Bell, as well as other defendants, were involved in a plan to manipulate securities of CodeSmart Holdings, Inc. The scheme began back in 2013. It involved flooding the markets with CodeSmart stock and launching a marketing campaign in order to artificially boost the price of the stock. Bell and another person invested their brokerage customers in CodeSmart. According to the SEC, the defendants wanted to profit off Bell’s clients.
The SEC filed a complaint against Wexler, Bell and other defendants for violating the Securities Act of 1933, Securities Exchange Act of 1935 and Rule 10b-5. The Court, with the consent of Wexler & Bell, entered a partial judgement against them on December 22, 2022. The court permanently prohibited them from violating any of the provisions charged and imposed an exclusion for penny stocks. Wexler consented also to a director-officer bar.
In a parallel criminal proceedings, both Wexler & Bell have pleaded to guilty in the case United States V. DiScala and others, 14 Cr. 399 (E.D.N.Y.).
Todd Brody, Lindsay Moilanen and Sheldon L. Pollock are handling the SEC’s legal matters under the supervision Sheldon L. Pollock & Joseph Sansone. The SEC has expressed its gratitude to the U.S. Attorney’s Office of Eastern District of New York, and the Federal Bureau of Investigation.
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SEC
Securities and Exchange Commission is an American regulatory agency that supervises and enforces federal security laws. Its main mission is to protect and promote investors, ensure fair and efficient markets and encourage capital formation.
The SEC has the responsibility of regulating all securities industries, including exchanges, brokers-dealers and investment advisors. The SEC makes sure that all of these entities are in compliance with the laws and regulations, to avoid fraud, manipulation and insider trade. It also requires that the SEC discloses relevant financial information in order to ensure transparency and help investors make informed decision.
In addition, the SEC is a key player in enforcing security laws through enforcement actions, penalties, and investigations. It can bring civil suits against companies and individuals that violate securities law, in order to obtain remedies and penalties to protect the interests of investors.
The SEC provides investors with education and support in addition to its regulatory function. The SEC offers resources, alerts, and guides to help investors understand and navigate the complex investing world. This empowers them to make informed decisions and protect their financial wellbeing.
The SEC is a vital protector of the U.S. Securities Markets, promoting transparency, fairness and investor confidence.
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